Noble Corp profit tops estimates with rig rate rise

Published October 16, 2013

Reuters

Noble Corp, an offshore drilling contractor now breaking itself up in an effort to boost its value, reported a larger-than-expected rise in quarterly profit on Wednesday as its rigs were busier and the rates paid for them improved.

The 25 cents per share in one-time items included proceeds from the sale of a rig, an acquisition-related settlement and an impairment on two old rigs.

In order to secure a better valuation for its best assets, Noble said last month it would hive off 44 lower-specification rigs into a new company. The remainder will consist of 26 more-capable units and nine more now being built.

Larger rival Transocean Ltd underlined the global demand for high-spec rigs by announcing late on Tuesday the construction of a new $725 million ultra-deepwater rig along with a five-year contract for it with Chevron Corp.

The next year will bring upheaval for Noble. Last week, Noble shareholders approved a plan to move the company's place of incorporation to London from Switzerland.